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Servicing

Green Tree waits to be judged

CFPB working on enforcement action

balance money and clock
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The Federal Trade Commission issued a civil investigation against Green Tree Servicing on Thursday, along with an unknown number of mortgage servicers.

The FTC requested information on a broad range of subjects relating to the companies’ operations.

In November 2011, Green Tree received a Supplementary Discovery Request from the FTC for additional information.

The Consumer Financial Protection Bureau began participating in the FTC’s investigation in April 2012, and in September of that same year, the CFPB issued CIDs to a number of mortgage servicers, including Green Tree, requesting information on a broad range of subjects relating to the companies’ mortgage servicing operations.

After investigation by the FTC and CFPB, Green Tree was told by the regulators that they sought authority to bring an enforcement action and negotiate a resolution related to alleged violations of various federal consumer financial laws.

This is expected to go into effect in the near future.

Meanwhile, the company is still waiting approval of certain government-sponsored entities for its acquisition of servicing rights from EverBank

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